As mentioned in yesterday's analysis, the FBM2nd Board Index was making new low again and therefore, there are no reliable support level for the FBM2nd Board Index. On Tuesday, the FBM2nd Board Index touched another new low with 5081.79 points before closing at 5134.43 points. As indicated by A, the FBM2nd Board Index tested the Bollinger Middle Band but remain resisted by the Bollinger Middle Band. Also, the Bollinger Bands Width expanded 50% suggesting that the current volatility direction for the FBM2nd Board Index is still bearish biased. Again, since the FBM2nd Board Index is making new low, there shall be no reliable support until a valid rebound, while resistance for the FBM2nd Board Index remains at Bollinger Middle Band.

Although WinChart RSI continues rising on Tuesday, it is still staying in the lower region. Nevertheless, WinChart RSI has to break above the 70% level in order to suggests a mid term bullish market sentiment. (Study the B circle)

As circled at C, the MACD histogram is still falling as the FBM2nd Board Index closed lower, therefore, the rounding top is still intact, suggesting that the short term movement for the FBM2nd Board Index is still turning weak. The weak movement for the FBM2nd Board Index is likely to continue until the MACD histogram should form a rounding bottom.

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